Technology is changing the way small businesses operate. Is your small business taking advantage of cloud-based software and mobile applications to save you time and money? Here are some reasons you should consider investing in new technology:

1. Automation and Integration: Cloud-based software means many basic tasks can be automated, freeing up you and your staff by eliminating the need for data entry. By integrating your online banking accounts, all of your bookkeeping and accounting tasks are done more efficiently. Automation also provides accuracy as manual processing is prone to errors. There is also a better chance of detecting fraud as the whole process is more automated.
2. Security: Accounting packages are cloud-based, not taking up space on your desktop and eliminates the need to install and constantly upgrade the software. Updates are done automatically and on a regular basis. It also eliminates the need to send sensitive financial information by email or any other way, meaning your data is more secure. Cloud-based software also provides continuous backup functionality which will prevent data loss.
3. Accessibility: Cloud-based solutions and mobile apps mean that you can have instant access to your billings, accounts receivable, and other financial information – no matter where you are. It also makes it easier to collaborate with other users in your organization and most importantly provides instant access to your accountant for better planning.
4. Industry-specific: All cloud-based software and mobile applications have online service add-ons that can be optimized for you and your industry (no matter what your industry). Payroll systems, point-of-sale systems (POS), time management tools, CRM and ERP tools will provide added control and flexibility in order to make better decisions. The services have been designed with the user in mind, eliminating the use of accounting jargon and providing valuable analysis of the numbers. Users can now easily pinpoint problem areas in their business thereby making decisions on a timelier basis.
5. Pay as you go: Unlike some other desktop accounting packages, you only pay for the services you need and as your company grows you can add more features and functionality. This keeps the costs down and is why cloud-based accounting software is a great option for startups. Don't worry about outgrowing the software as cloud-based systems are much more scalable and can easily grow as your business grows. Given the popularity of the service, there are many online providers providing various incentives, therefore benefiting from competitive pricing.

Small business owners do it all – and Shimmerman Penn understands that you don't have time to be hands-on with every aspect of your business' financial transactions. Let us know what your challenges are, or what kind of technology solution you're looking for, and we can point you in the right direction.